At public dealership groups, inventory still hasn’t turned a corner

Penske Automotive Group Inc. had a 12-day supply of new vehicles in the U.S. at the end of June, up from nine days at the end of March and eight at the end of December.

“Everything that’s coming in is going back out,” CEO Roger Penske said last week on an analyst call.

Penske currently has about 3,100 new vehicles in stock, spokesman Anthony Pordon said, calling inventory levels “fairly consistent” over the past six to nine months. He said Penske doesn’t expect levels to “change materially anytime soon.”

Before the coronavirus pandemic, the retailer carried more than 14,000 new vehicles, Pordon said.

“We haven’t really seen a decline in preorders either,” Penske CFO Shelley Hulgrave told Automotive News. “Customers continue to fight for their space in line.”

Supply of new vehicles was higher in the U.K. at the end of June, at 32 days, the company said.

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